Buying distressed houses can be a stressful business – and it’s not nearly as easy as most may think. Consorte went on to say, “We’re buying houses – as-is – and they usually require a ton of work cleaning out and renovating. The good part, for us, is that our crew can turn around a gut-renovation in just ten days. So we’re quickly right back on the market with a pretty-much new home.”
The details are the real key in buying distressed homes. Consorte continued, “We generally know what we’ll be paying for a home before we actually see the property. We have an appraiser on our team who runs comps right after we get off the phone with a seller. Having done lots of deals, we typically can estimate renovation costs based on the conversation with the seller. Once we have all our costs, and recent comps, in place we’re able to quickly determine if the project will be profitable and if it’s worth acquiring.”
Even with the current state of the real estate market, there’s still plenty of opportunity when you know what you’re doing. Consorte went on to say, “Just this month, one of our properties in Westfield sold above-asking price on the first day. In December, one of our properties in Fanwood sold in the first week of being listed for full asking price. It’s a win-win since we’re buying unusable homes, fixing them, and selling them to homeowners looking for an affordable house. This generally improves the neighborhood – so even the neighbor’s benefit.”
Union Holding Group is a Union County New Jersey-based Real Estate Holding Company based in Cranford, NJ. For more information call 866-910-5323 or visit www.webuyuglyhousesnj.com.